Strategic decisions taken today by National Oil Companies (NOC) around the world will have a profound influence on the future of energy supply, affordability, emissions and the fortunes of their governments and investors. Many are already international players, and some are diversifying their activities across renewable energies, or low-carbon fuels. What are the differing goals of these companies today as they adapt to the energy transition? What could drive these companies toward becoming more integrated energy players? How are companies’ views about partnerships and financing changing as they adapt to an evolving energy system?